INSTANT MBA: The Biggest Mistake Leaders Make Is Not Having A Strategy

"[The biggest shortcoming among today’s CEOs is that] they don’t think they need a strategy, or their strategies are flawed. They think they have a hot product or hot service, and these don’t last forever. They think that benchmarking, best practices and copying what the rest of the industry does is a strategy ... If you’re not clear about which customers you’re going to serve, how to serve them in a unique and better way that creates real value for them, and your core competencies, you’re just not going to have as much of a chance to win."

Lafley says you can't expect your company to thrive if you don't have a clear plan. If you cast your net too wide and try to enter every market imaginable, you'll end up getting no where. Be honest with how much your company can accomplish and your customers' needs. Lafley says that, most of all, CEOs need to know how to be strong leaders who know what they want, not only for their company, but for their career paths as a whole.

"Know yourself and have the courage to be yourself. Know what your strengths are, and try to find a job that plays to some of those strengths. Pick a company, institution and vocation that have your values, so you will be comfortable getting up every morning and going to work and giving it your all.

Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email.